Forex, Gold Rally Pauses

EghtesadOnline: Reversing the course from previous sessions, gold and foreign exchange prices dropped on Monday in Tehran's market. The dollar was quoted at 248,000 rials down 1,300 rials or 0.53% compared to the day earlier.

News ID: ۷۸۵۷۶۲

12 January 2021

Other major currencies, namely euro UAE dirham also dipped. The UK pound sterling eked out slight gains, the euro was down 0.58% to reach 306,290 rials while the UK pound fetched 339,070 rials gaining 0.2%. The dirham was worth 69,800 rials down 0.15% compared to Sunday, according to eghtesadnews.

Impacted by dents in forex rates, the gold market was sluggish despite positive trends in global markets. The Emami gold coin retreated to 110.5 million rials, down 2 million rials or 1.8% compared to the earlier session.

Half Bahar Azadi gold coin was worth 60 million rials, posting 1.67% decline compared to the previous session. One gram of 18-karat gold was worth 11 million rials down 0.7%, according to Tehran Gold and Jewelry Union website.

Gold prices reversed course in international markets on Monday from a near six-week low touched earlier in the session, although a stronger dollar and higher US Treasury yields capped bullion's gains, according to Reuters.

Spot gold was up 0.3% at $1,853.96, recovering from a six-week low of $1,816.53 per ounce hit during the session, while US gold futures gained 0.8% to $1,850.30. Prices had dropped 4.4% on Friday.